Growing initiatives taken by governments and funding for genomics research, increasing utilization of bioinformatics in drug discovery and development, and advancements in sequencing technology are some of the key factors propelling the global bioinformatics market.
Bioinformatics is an interdisciplinary field brings together computer science, mathematics, physics, and biology. It is a branch of research that creates software tools and methods for data management and analysis in modern biology and medicine. It enables researchers to analyse and extract relevant information from massive amounts of medical data, as well as uncover links across numerous studies.
Enhancements in Bioinformatics Technology Fuel the Market
The bioinformatics market is a fast growing market. The advancement of technology in genomic and proteomic research has resulted in the collection of massive amounts of data that require bioinformatics tools and software for analysis and interpretation. The increasing use of cloud-based technologies and artificial intelligence (AI) in drug research and development has provided new growth potential for bioinformatics in the global market. For instance,
- In November 2022, Through its collaboration with ATCC, the premier biological materials organisation, producer, and supplier of authenticated cell lines, and QIAGEN’s bioinformatics business division QDI, the company introduced a new cell line database. This agreement will provide customers with access to unique and valuable cell line data, allowing them to solve research issues more quickly and efficiently.
Global Bioinformatics Market is Being Driven the Growing Demand for Bioinformatics in the Field of Genomics
With the growing desire for personalized medicine and precision healthcare, there is an increase in demand for nucleic acid and protein sequencing, which is propelling the bioinformatics market forward. The increasing quantity of funds from private and public organizations, as well as supportive government measures to promote genomics research, are pushing the global market adoption of bioinformatics tools and services. The leading industry companies are investing heavily in genomic and information technology initiatives for R&D and introducing new products, which is fueling the growth of the global bioinformatics market. For instance,
- In April 2023, Agilent Technologies signed a Memorandum of Understanding (MOU) with Theragen Bio to enhance precision oncology through advancing bioinformatics (BI) solutions. This collaboration will combine their respective strengths and accelerate treatment decisions
Key Constraints of Bioinformatics Market
Some of the key challenges that may impede the growth of the global bioinformatics market include a lack of skilled professionals with expertise in both biology and computer science, the high cost of bioinformatics tools and software, and the need to integrate massive amounts of data from various sources.
North America Holds the Majority of the Global Bioinformatics Market Share
In the coming years, North America is likely to continue to lead the worldwide bioinformatics market. This is mostly due to an increase in the quantity of genetic research investigations, increased knowledge and acceptance of bioinformatic services, a well-developed healthcare system, and the presence of significant regional companies. The Asia-Pacific area, on the other hand, is predicted to have the greatest CAGR during the forecast period. The Asia-Pacific market is being driven by factors such as advances in genomics and increased investments in the healthcare sector.
Competitive Landscape Analysis of the Bioinformatics Market
The key companies operating in the bioinformatics market include Agilent, Biomax Informatics, QIAGEN, Thermo Fisher, PerkinElmer Inc., Illumina, Eurofins Scientific, DNASTAR, NeoGenomics Laboratories, Fios Genomics, Source BioScience, SOPHiA GENETICS, among others.
Organic and inorganic growth strategies used by firms to get a market foothold
Companies operating in this market are adopting both aggressive growth strategies such as collaborations, acquisitions, and new product launches to gain market share. For instance,
- In April 2022, IPA (IMMUNOPRECISE ANTIBODIES LTD.) acquired BioStrand which is a group of Belgian biotech entities and pioneers in the field of bioinformatics and biotechnology. This collaboration will improve its antibody discovery capabilities by incorporating the BioStrand AI-driven technologies
The bioinformatics market is growing and is expected to gain further traction in the coming years as a result of a strong emphasis on developing new drugs and therapies, investment in R&D to introduce several advanced products, and aggressive organic and inorganic growth strategies employed by the players.
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